It was the worst quarter ever, and the best turnaround ever.

After a paltry 0.25% hike in the Fed Funds Rate up from a 0% rate (also called ZIRP: Zero Interest Rate Policy), the market had the worst start to any year in history. Coming in second was the market in 1933.

Also noteworthy, it was the best turnaround quarter since 1933. With the economy sputtering along at 1-2% growth, it’s the best we can hope for at this point in time.

Talk about a split personality disorder. What began as the worst start to a calendar year ever for the U.S. stock market managed to turn the corner in mid-February, paving the way for a quarterly gain.